Maruti Suzuki Introduces Online Car Financing Service Across India

Maruti Suzuki India has launched a new online smart car finance service where customers can get their cars financed without doing rounds to the dealership or any bank. Maruti Suzuki Smart Finance is available for both Arena and Nexa buyers across dealerships in India. Maruti Suzuki was one of the first carmakers in India to introduce multi financier (with 14 financiers on board) and end-to-end online car financing solution with real-time loan status tracking. The program was launched as a pilot project in limited cities last year in December 2020 itself and has seen over 25 lakh customer visits already.

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The service is available for both Arena and Nexa models.

Shashank Srivastava, Senior Executive Director, Marketing & Sales- Maruti Suzuki India said, "Even before walking into a car dealership, most potential buyers already start their shopping process online -- browsing cars and finance options. Keeping in view the changing customer behaviour, we have launched Maruti Suzuki Smart Finance - India's first ground-breaking digital platform that enables customers with an end-to-end online car financing solution. To enhance the consumer experience, we have included several industry-first features in the platform."

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The financing service was introduced as a pilot project in limited cities last year in December.

The company says that over 1.6 lakh customers have used the service to configure on-road price and more than 40,000 customers have downloaded the finance sanction letter online. As mentioned, Maruti Suzuki Smart Finance currently has 14 financiers on-board- HDFC Bank, ICICI Bank, Yes Bank, Axis Bank, State Bank of India, IndusInd Bank, Bank of Baroda, Karur Vyasa Bank, Cholamandalam Finance, AU Small Finance Bank, Mahindra Finance, Kotak Mahindra Prime, Sundaram Finance and HDB Financial services. The company is planning to add more financiers and structured finance products. In a bid to make online car financing more comprehensive, Maruti Suzuki Smart Finance has also introduced exchange option that will allow buyers to get an estimated value of their old cars in case of a replacement purchase.